New rules issued for loan restructuring up to 25 crores for individual, business and MSME
In view of the Corona period, most of the banks are providing various facilities to their customers. Many banks have made it possible for their customers to withdraw money from home without visiting a branch, while many banks are providing the facility to complete KYC from home. Meanwhile, the country’s largest bank has given its customers an opportunity to restructure loans up to Rs 25 crore. According to SBI Chairman Dinesh Khara, this facility has been planned for loan restructuring of up to Rs 25 crore for the general public, small businessmen and MSMEs of public sector banks.
Under this scheme, any businessman or loan taker who wants to get the loan restructured in this way can easily get it done. All he has to do is fill up an application on the SBI website and specify the type of change you want during the loan restructuring. Let us tell you that the Reserve Bank of India (RBI) has recently issued new rules regarding loan restructuring up to Rs 25 crore for the general public, small traders and MSMEs, for which banks have been instructed to comply.
The purpose of this change on behalf of banks is to provide more assistance to the people, help them earn their livelihood and promote business activities in the country. This change will encourage institutional loans on easy terms, as well as improve the condition of banks. Earlier, the Reserve Bank of India, while announcing Loan Restructuring 2.0 on 6th of this month, said that under the new system, applications can be submitted till September 30, 2021.